Astaxanthin Expansion: Strategies for US$ 665.0 Million by 2034 |...

Astaxanthin Expansion: Strategies for US$ 665.0 Million by 2034

Posted 2024-04-24 12:05:57

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The global astaxanthin market sales are estimated to be worth US$ 273.2 million in 2024. The astaxanthin market is set to reach US$ 665.0 million by 2034. It is projected to surge at a CAGR of 9.3% in the forecast period 2024 to 2034.

The astaxanthin market is projected to rise due to increasing consumer awareness of nutritional products and dietary supplement usage. Astaxanthin is a strong antioxidant often used to treat illnesses like cancer, diabetes, and cardiovascular disorders. Growing knowledge of nutritious foods propels the nutraceutical industry, offering fewer side effects and lower hospitalization costs.

Demand for astaxanthin is projected to rise on account of its multiple applications in nutraceuticals, pharmaceuticals, feed industries, etc. Moreover, the distinct color and properties of astaxanthin are also propelling its demand in food coloring, commercial aquacultures, and other applications.

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In a landscape of evolving technologies, the Astaxanthin market is poised for expansion, driven by innovative production methods such as ALGAMO’s micromodules and photobioreactors. ALGAMO’s focus on minimizing water wastage and electricity consumption showcases a commitment to sustainability in astaxanthin production. Ongoing research leveraging diverse technologies to enhance economic and technical feasibility is anticipated to positively impact market dynamics.

Key players are gearing up for strategic initiatives, launching novel platforms and products, especially in emerging economies, to tap into growth opportunities. A notable example is Näck, a Swedish-Indian startup introducing a digital wellness platform and Immunity Boost, featuring natural astaxanthin and vegan protein powder. These endeavors align with the increasing consumer demand for sophisticated and health-oriented food choices, driving sustainability in the food industry.

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Top Highlights:

United States Dominance: The U.S. market is poised to contribute significantly, targeting a market revenue of US$ 838.70 million by 2034, with a robust CAGR of 11.1%.
UK Growth: The United Kingdom is anticipated to emerge as the second-leading market, generating US$ 296.8 million in revenue by 2034, with a CAGR of 4.9%.
European Influence: Germany is forecasted to reach US$ 266.60 million by 2034, expanding at a CAGR of 13.7%. Spain is set to yield US$ 85.60 million, exhibiting a CAGR of 10% over the forecast period.
China’s Prominence: The Chinese market is expected to play a pivotal role, projecting a revenue of US$ 161.50 million by 2034, growing at a steady CAGR of 8.5%.

Recent Developments

In 2020, BGG inflated its astaxanthin farm capacity to incorporate astaxanthin-based formulations into their product portfolios.
In 2021, Lycored stretched its astaxanthin product line, including an oleoresin made from Haematococcus Pluvialis algae.

Key Segments

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